Climate change and the insurance industry (CCII)

Description:

Recent documents from the Intergovernmental Panel on Climate Change and the UK Stern Review, have argued cogently that governments, industry and agencies should urgently address the scientific, economic and social implications of climate. The insurance industry must start adapting in response to weather and climate risks. Climate and weather forecasting hosts a wide range of scientific and mathematical methods with a heavy computational base. Insurance mathematics is a rich field, developing advanced stochastic and statistical methods within risk theory. The main objective is to bring statisticians, insurance and climate experts together to build a methodological basis for the emerging field of climate change insurance risk. Statistics is a critical part of the project. We will access insurance data from partners and agencies as well as the huge amount of actual and simulated weather and climate data. *Claims models for the number of claims and the mean claim size have been developed by means of GAM/GLM, via Generalised Binomial models. *Short-term weather/loss-models * Climate models and long-term prediction of losses

Project information

Lead

NORSK REGNESENTRAL STIFTELSE (NO) HOLDEN Lars

Partners

* CORPORATION OF LLOYD'S (UK) * GJENSIDIGE FORSIKRING (NO) * LONDON SCHOOL OF ECONOMICS

Source of funding

FP 7